COMEX Gold moved moderately lower, impacted by the liquidation in the complete commodity complex. COMEX Silver suffered 3% losses, more influenced by the sell-off in the industrials complex. Meanwhile, S&P has downgraded US sovereign credit rating from AAA to AA+, which has jolted the financial markets. Downgrade was declared after the US market’s close on Friday. As international markets have not been able to react to this event, gold prices are expected to open up with a wide gap.

LME base metals registered heavy losses, with liquidation witnessed across the board. Poor economic sentiment continued to haunt the metal bulls. On supply front, concerns eased where there is a strong possibility of an end to a two-week strike at the world's top Escondida copper mine in Chile, where workers have accepted a bonus offer. LME base metals are expected to open lower, while MCX base metals are expected to struggle further, impacted by the US credit rating downgrade.

MCX Crude oil futures continued to trade weak, impacted by the broad based liquidation in the commodity complex. On international front, US energy futures are expected to trade lower on account of US credit downgrade and looming demand concerns for oil products.

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Commenting on the outlook, the broking firm CapitalVia Global Research said, "Next week, if gold sustains above the level of 26,430 then by breaking the level of 26,890, it may touch the level of 27,250. But if it fails to sustain above 26,430 then may touch the level of then it may test the level of 25,311/25,200.
For silver 42,800 may act as good resistance. For the next week, traders can sell on higher level strategy, if MCX Silver September futures sustains below 41,080 then it could test the levels of 40,340/ 39,900." Via myiris.com

Vivek Gupta, head of research, CapitalVia Global Research said, "Technically, Nifty is likely to consolidate in the upcoming session and remain bullishly poised. Major resistance for upside is 6,080 with the crossing of which 6,150 can be touched. For downside, major support is at the level of 5,850 and 5,750."